CONTENTS

Chapter I: General Provisions

Article 1. Purpose and Subject of the Code 
Article 2. Compliance with Legislation on Securities 
Article 3. Responsibility of Management of a Member 
Article 4. Failure to Comply with the requirements of the Code of Ethics
Article 5. Definition of Terms 

Chapter II: General Principals of Activities and Conduct of Members and Brokers

Article 6. Principals of High Standards of Commercial Reputation and Fairness and of Fairness of Mutually Profitable Trade 
Article 7. Recommendations to Clients
Article 8. Practices that are Considered as Disciplinary Violations
Article 9. Fair Prices, Commissions and Compensation
Article 10. Execution of Retail Transactions
Article 11. Forwarding of Proxy and Other Materials
Article 12. Publication of Transactions and Quotations
Article 13. Offers at Stated Prices
Article 14. Fiduciary Duty
Article 15. Influencing or Rewarding Employees of Other Members
Article 16. Confirmation of Transactions 
Article 17. Disclosure of a Relationship with an Issuer 
Article 18. Discretionary Account
Article 19. Client Funds and Securities
Article 20. Client Account Statements
Article 21. Clearing Agreements
Article 22. Supervision 
Article 23. Bookkeeping and Records
Article 24. Statement of Financial Condition 
Article 25. Dealing with Non-Members
Article 26. Transactions with Brokers
Article 27. Confidential Information
Article 28. Disclosure of Confidential Information